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The collective agreement should form a bargaining commission that will freely choose and discuss the agreement. As of December 2001, Kazakhstan has ratified ...
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The collective agreement should form a bargaining commission that will freely choose and discuss the agreement. As of December 2001, Kazakhstan has ratified the International Labor Organization (ILL) Convention 167. The government promotes, regulates, manages and monitors trade and industry. It also administers foreign currency, foreign direct investment, and other foreign investments. The government regulates banking services including opening bank accounts, and ensuring that money is properly deposited at home or abroad. Kazakhstan is one of the few countries where banks are required to maintain capital reserves in excess of 40% of total assets. Kazakhstan is the 10th largest economy in Central and South Asia, with a per capita GDP of 5,724. It is also one of the top five economies in the region, following India, Pakistan and China. Kazakh citizens generally follow local customs and regulations. The currency is predominantly the tense, but the reminds and yuan are also accepted. The average cost of living in Kazakhstan is approximately the same, at 3,863 per capita. Kazakhstan is ranked 20th of the 180 countries ranked by Cost of Living. Kazakhstan is ranked 16th of 180 countries listed by Economy, Political Affluence, and Freedom in the 2014 Index of Economic Freedom released by the Heritage Foundation. Kazakhstan has a landline phone service, but only a fraction of the citizens have landlines to use it. It is very common in rural areas. There are no mobile telephones available to the public. A cellular company in Kazakhstan offers basic service. Kazakhstan has a free banking service designed to stimulate local banking. Kazakhstan's banking system includes a national bank, a private bank, and regional banks. The government provides two forms of foreign currency: the tense and a local currency, the zen. Kazakhstan is home to some of the world's largest oil reserves, at over 50 billion barrels, with a proven reserve of roughly 500 billion barrels. Oil is the lifeblood of the economy. Approximately half of the country's output comes from oil, and is used to make food, fuel, and household products. Most Kazakhstan residents rely on oil and oil products, or on money generated by selling oil to foreigners. Kazakhstan is a member of the WTO and its customs union (which consists of Russia, Belarus, Kazakhstan, and Kyrgyzstan).

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